Business
Riverview Bancorp Reports First Fiscal Quarter 2025 Financial Results
VANCOUVER, Wash., July 25, 2024 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., July 25, 2024 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $966,000, or $0.05 per diluted share, in the first fiscal quarter ended June 30, 2024, compared to $2.8 million, or $0.13 per diluted share, in the first fiscal quarter a year ago. On June 21, 2024, the Company announced that Nicole Sherman had been named President and Chief Executive Officer of the Company and Riverview Bank, (the “Bank”), effective July 1, 2024. In her new role, she also serves on the Boards of Directors for both the Company and the Bank. Dan Cox who served as the Company’s acting CEO/President will now focus full-time on his role as EVP, Chief Operating Officer. “Loan growth was strong during the quarter, as we continue to maintain solid credit quality metrics. Further, the balance sheet restructuring that took place during the preceding quarter has already improved our net interest margin and helped stabilize our interest rate risk position,” said Dan Cox. “While we are still operating in a very challenging interest rate environment, we are encouraged as we look forward to the future,” stated Nicole Sherman. “We remain focused on improving our performance metrics, and ultimately increasing profitability in the year ahead.” First Quarter Highlights (at or for the period ended June 30, 2024) Net interest income was $8.8 million for the quarter, compared to $8.6 million in the preceding quarter and $10.4 million in the first fiscal quarter a year ago.Net interest margin (“NIM”) was 2.47% for the quarter, compared to 2.32% in the preceding quarter and 2.79% for the year ago quarter.Asset quality remained strong, with non-performing assets at $461,000, or 0.03% of total assets at June 30, 2024.Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.The allowance for credit losses was $15.4 million, or 1.47% of total loans.Total loans increased $21.1 million during the quarter to $1.05 billion at June 30, 2024, compared to $1.02 billion at March 31, 2024, and increased $40.7 million compared to $1.00 billion at June 30, 2023.Total deposits were $1.22 billion, compared to $1.23 billion three months earlier and $1.24 billion a year earlier.Riverview has approximately $456.3 million in available ...